Yes and they are really going hard at promoting it. I was about to buy it till a came across this version, but then I saw the kick started is already closed and I will have to wait for an opening + only bit coins is the only form of payment been accepted at the moment, which brought me back to square one wether to buy it the Chinese copy or not. Now the question is will that copy be compatible with mclear app on android?

Personally I'd be very hesitant to get one of these - I don't like the inlay covers, there isn't enough information concerning what is in the ring metal or what they're actually using for the inlay. I'm assuming 'vege leather' for the inlay cover itself.
I've had plenty of experience with chinese copies of other people's work, among other things I have a few arduino clones that work mostly as they should and in the past I've bought radios which were pretty much Motorola clones with a little extra functionality (and a lot less RF shielding).
So with all that in mind I would say if you are determined to get one then at least go into it with the understanding that it will have been done on the cheap to maximise profit. You may react to the metal, it may be very limited in what it will work with and how, and it may not last for very long. Also, I personally believe that a lot of the cheap chinese clones of things are items which have failed someone else's QA process and been discarded.
John's NFC Ring is nearing completion of the kickstarter phase after working through various issues and coming through this baptism of fire rather improved, the metal is titanium and there will possibly be others to follow later on, the ntag203 inlay is tried and tested and QA is being carried out fairly ruthlessly.
So if you hold off for a little while and get the original NFC Ring I'm quite sure it will be the better decision and leave you happier in the long run.
As far as compatibility is concerned, I would say that as long as the phone reads the device correctly and recognises it as a valid NFC tag then it should work.

NFC as a general technique by sony and Philips jointly promote , so technically we are not at the core of what the mystery. As a product, the Chinese game company 's electronic Nutshell than NFC ring earlier proposed the concept of NFC rings. Our small business team in Shenzhen, China , from March 2013 to start a business , and is ready to make NFC ring, was also not aware of a grand and John's work . We are in Shenzhen, from design to production , given the different features , we used two NFC tags . We can think about themselves in the ring in this position, with the case of two labels , can play a very small space design, is unlikely to make too many different scenarios. So, after our product launch , and John found a creative product appeared crash . We have applied for patent protection in China and Hong Kong , and soon launched a product batch .

I think it's just the two teams on the crash in the creative , there is the question of who who copy , especially our own design ideas and john app is completely different , and we have more new product plans.

Our products are made ??of 316L steel, rather than 915L ( did not have the model ) , is a popular saying titanium steel 316L steel ; waterproof performance is also tested , of course, you can not use any function of NFC in the water, because the water itself blocking signal , which is the same nfcring . As regards the sensor signal , NFC is originally a near field communication protocol, so that the use of better chip , he can not be very good from the sensor , which is used as a ring causes a relatively small chip .